NRG Applies to the Texas Energy Fund to Bring Essential Dispatchable Power to ERCOT
June 10 2024 - 7:14PM
Business Wire
- Three new shovel-ready projects totaling more than 1,600
megawatts that we believe are among the few that can be completed
this decade.
- Timely approval will enable NRG to deliver essential,
dispatchable generation to ERCOT as early as summer 2026.
Today, NRG Energy Inc. (NYSE: NRG) submitted the first of three
loan applications to the Texas Energy Fund (TEF) to develop the
previously announced 1,600 megawatts (MW) (1.6 Gigawatts) of new
quick-start natural gas power generation in the Electric
Reliability Council of Texas (ERCOT). The TEF is administered by
the Public Utility Commission of Texas (PUCT).
This first application is for a new 721 MW natural gas combined
cycle unit at NRG’s Cedar Bayou plant in Baytown, Texas. In the
coming weeks, the company plans to submit applications for two
quick-start natural gas peaking projects near Houston: the 455 MW
project at TH Wharton and the 456 MW unit at Greens Bayou. NRG
anticipates that these three projects will be capable of supplying
power to customers in under 30 minutes. Completion of these
projects is contingent upon timely loan approvals from the PUCT and
tax abatements by local authorities.
“Texas is projected to have the fastest growing electricity
sector of any market in the United States,” said Larry Coben, NRG
Chair, Interim President and CEO. “The state expects electricity
consumption to grow by 65 gigawatts (65,000MW), or nearly 77%
through 2030. NRG urges advancement of any truly shovel-ready
projects to meet the demands of the state’s growing and electrified
economy. Our three shovel-ready projects have been in development
for five years and are among the select few projects positioned to
bring much needed flexible and dispatchable generation to the state
this decade.”
Following approval, NRG would begin construction on two of the
three facilities as early as October of this year. These plants are
expected to create lasting economic and community benefits through
permanent positions and hundreds of construction jobs.
About NRG
NRG Energy is a leading energy and home services company powered
by people and our passion for a smarter, cleaner, and more
connected future. A Fortune 500 company operating in the United
States and Canada, NRG delivers innovative solutions that help
people, organizations, and businesses achieve their goals while
also advocating for competitive energy markets and customer choice.
More information is available at www.nrg.com. Connect with NRG on
Facebook, Instagram, LinkedIn and X.
Safe Harbor
This communication contains forward-looking statements that may
state NRG’s or its management’s intentions, beliefs, expectations
or predictions for the future. Such forward-looking statements are
subject to certain risks, uncertainties and assumptions, and
typically can be identified by the use of words such as “will,”
“expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe”
and similar terms. Although NRG believes that its expectations are
reasonable, it can give no assurance that these expectations will
prove to have been correct, and actual results may vary materially.
Factors that could cause actual results to differ materially from
those contemplated above include, among others, risks and
uncertainties related to the capital markets generally.
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Media: Ann Duhon 713.562.8817 Ann.Duhon@nrg.com
Investors: Brendan Mulhern 609.524.4767
Investor.relations@nrg.com
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